Newbie - 1st deal - Looking for GC near Annapolis MD

[Dee Ba]

Hi everyone,

Newbie here - I’ve been reading and educating myself for over 2 years. Thanks everyone for your contribution; this is a great platform! I currently have my first deal under contract and it’s going to be a primary residence for a least 2 years. The goal here is to rehab it and cash out refinance in 6 months to fund future deals or sell it in 2-3 years and repeat the process. The property is located near Annapolis MD and needs a lot of work.

Not sure this is a great deal but it’s in an A neighborhood and I can airBnB the 2 bedrooms in the lower level to generate income.

Here are the numbers:

3bed 2bath - split level single family home sitting on 2 acres of land, 0.5 miles from the water.

Purchase price: 280,000

ARV based on comps and realtor's assessment: 430-450,000

Work needed: new floors throughout, update kitchen, update bathrooms, paint, repair plumbing, new roof, furnace, water heater, add 2 bedrooms and 1 bath in the basement, secure deck.

This is my first deal and I’m somewhat overwhelmed so ideas/advice/feedback are welcome. Thanks,

-Dee